House purchase thoughts in current market

SpeedFreak

SpeedFreak

SpeedFreak

Soldato
Joined
14 Nov 2002
Posts
7,718
Location
Under the Hill
Hi,

we're looking to buy a house in north Bristol and I was just after some thoughts. We've seen a house that we like but the price seems a little optomistic. It's on the market for £305k with a neighbouring house selling for £270k in August last year that is similar in size, plot and finish.

The current owners of this property paid £246k in July 05. Do you think that currently the valuation is realistic or a case of an estate agent telling them to start very high?

The property link is below, thanks for any input:

http://www.rightmove.co.uk/property-for-sale/property-33232453.html
 
radderfire said:
My view is that the property market is going to remain flat for the next few years.

It's a buyer's market. Estate Agents will always tell them to start high. Don't be afraid to make cheeky offers, they can only say no.

Rgds
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Like the price they paid in 2005 cheeky?
 
Glaucus said:
What I mean, is all those house are built out paper and have no noise insulation. As do most modern houses.
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lol, if i had my choice we'd be moving to a georgian property with high ceilings in Cotham/Redland but with the little one and child care it's not an option.
 
Glaucus said:
I love those houses. Wish I was back down that way.
At least imnit in Bradley stoke any,ore, that broke the. Bank getting back from town.

It's a nice area though and being so close to parkway helps.
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On the phone then lol. Much prefer Stoker Gifford as generally the houses are a little older and better built.
 
singularity said:
those look new though



looks ok to me, don't you pay more for stoke gifford?

anyway offer what you think it's worth
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I was speaking generally. We had a sale agreed previously then the buyer pulled out at the last minute on a nice house in stoke gifford. I'm thinking that this should be £270 max and with the current increase in borrowing I don't think £250 is unreasonable.
 
culvers said:
so they paid 246k 7 years ago - what exactly has happened in the past 7 years to make it worth nearly 60k more than they paid for it? Current asking prices are sheer fantasy, rent for another couple of years and you could save yourself several years wages.

edit: just look at what has happened to the property market in the USA and Ireland for a little taster of what will be coming to the UK soon...
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Rent free at the minute with money in the bank/gold, just waiting to see what happens but in reality I won't wait forever.
And the "added value" is my real problem with the pricing.

maccapacca said:
what part of a poorly insulated white painted rendered white pvcu windows plastic rainwater goods concrete tiled roof missing a ridge tile awkward layout shared drive and parking is character?

I'm calling damp as well but that's a flyer
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I'll see when I view it :p
 
It's funny that the general public feel that high house prices are actually a good thing in the UK. The BBC are pedalling this pro house price inflation crap on a regular basis as well.
 
EdwardTeach said:
In your situation don't be scared to negotiate hard. Offer 250, if they say no offer 252! Keep hitting them with low offers and see how keen they are to sell. Don't get too attached to any particular property, living rent free really puts you in driving seat.
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The only thing I really hate is the 3% stamp threshold.
 
Thanks for the input guys. I will stick with my instincts and hold fire. I'll see if it's about in a few months time but if not there will always be others. Ideally I don't want to pay over 250 anyhow. Renting is always an option if I get fed up with this living for free lark (well we do pay the bills)
 
A2Z said:
That's a nice house OP, first thing I would be doing though is turning the conservatory into a poker room :p
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Rotty for inspiration, I could host an annual game :)

Zoopla shows an estimated value of 261k so I wonder what the bank's valuation would be? I voiced my concerns with the agent who thinks that they had the conservatory fitted themselves but needs to check (maybe not then) and have in addition painted throughout and fitted a new bathroom (wear and tear in a 10 year old building).

I asked him if he could detail exactly where 60k had been spent and he said he would get back to me. I may be waiting a while but we'll see.

To the pro house price inflation people, can I just ask why you feel it is a good thing. As has been pointed out, the high prices only really benefit the banks issuing loans. Those in middle age who have seen large ROIs are in many cases supporting their children when they buy, negating a lot of the gains.

Furthermore, the savers among us are being penalised with low returns that are being used to provide a 0.5% base rate. Surely prudence should be rewarded above the willingness to leverage your life to the extent where a 1% increase in base rate is make or break for your family.
 
Some more progress today but it's all a bit strange in Bristol at the moment. We're viewing a repossessed 4 bed today and it's the third one from about sixty 4 beds that have come on the market in the last five or six months. It seems that quite a few people are in difficulties at the moment. I was also speaking to an agent about two other properties that have been sold subject to contract since September. It seems not a lot is really moving at all.
 
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